Wrap one piece of bacon around one shrimp and one water chestnut. Repeat.

Melt half the butter in a large skillet and cook bacon wrapped shrimp until bacon is brown and crispy, approximately 3 minutes per side. Remove from skillet and set aside. Repeat with remaining butter and bacon wrapped shrimp.

Preheat broiler.

CREAMY HORSERADISH SAUCE:

Bring cream cheese to room temperature. Then, place all sauce ingredients in a medium bowl and blend well. Season. Spoon sauce over bacon wrapped shrimp and water chestnuts.